US's Mnuchin: Massive tax reforms along with tax cuts are currently being planned

U.S. Treasury Secretary Steve Mnuchin is crossing the wires in the last minutes, via Reuters, saying that massive tax reforms along with tax cuts are currently being planned.

Key quotes (via Reuters):

• Tax reforms to be done this year
• U.S. tax receipts are little lower than Anticipated
• We Are Fine Through Start of September on debt cap
• Would encourage Congress to raise debt cap quickly
• Ultra long bonds under very serious consideration
• Right thing for Fed to get out large portfolio
• Should change system so debt limit rises with spending
• Treasury is firmly committed on North Korea sanctions program